An investigation by the Australian Broadcasting Corporation (ABC) has uncovered an investment fraud network that allegedly has operated from Israel since 2021 and is estimated to have defrauded more than 4,000 Australians of hundreds of millions of dollars.
The network, known as the Sapphire Network, used fake news articles, including pages designed to look like reports published by ABC itself, to lure victims onto fictitious trading platforms.
At the center of the investigation is 43-year-old Shefi Goldberg, a mysterious Israeli businessman about whom very little is known. He is alleged to have run telemarketing sales centers in Israel, Cyprus, South Africa, Spain, and the Philippines that sold, among other things, immigration services.
The investigation also allegedly links Goldberg to an opaque and concealed chain of companies through which victims’ money was transferred.
These include the Cyprus-based payment processing company Allegiant Holdings (Smart Pay), of which the Australian investigation says Goldberg is the sole shareholder, and the Australian company Trigo XO, which allegedly served as a front for laundering money.
The investigation was conducted in cooperation with the Organized Crime and Corruption Reporting Project (OCCRP), Swedish media foundation Qurium, and South African investigative journalism center amaBhungane. Leaked documents indicate that the network operated from centers in Israel, Bulgaria, Ukraine, Cyprus, and Macedonia.
Two victims, one facing medical bills, lost $625,000 between them
Two Australian victims described in the investigation lost nearly $625,000 between them.
One was hospitalized and connected to an IV ahead of surgery when he tried to recover his money after investing about $125,000 through a fake platform called The FBTC. When he attempted to withdraw the money, his “broker” began providing excuses: the account had been frozen, there were liquidity problems, a fee had to be paid, the bank had to be changed, and so on.
He pleaded, “I need to buy a wheelchair,” and said he could not afford to buy holiday gifts for his children. According to the investigation, however, the broker coldly replied, “Sorry to hear that. If you can manage to get the 5,000 [additional dollars to invest]… that would be perfect.”
After that, he never heard from the broker again. The money disappeared.
According to the investigation, the fraud against him took place in June 2024. When ABC journalists spoke with him several weeks ago, two years later, he had already given up hope of recovering the money and moved on with his life.
The second victim was directed in early 2026 to a fake website designed to imitate ABC and was persuaded to transfer more than half a million dollars.
According to the investigation, he deposited the money into a bank account that his “broker” told him had been opened in his name, although in…
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